China plans to launch a system to track cryptocurrency transactions

26-11-2021

The Chinese authorities plan to tighten control over the illegal circulation of crypto-assets. China plans to develop a system to track financial transactions with cryptocurrencies as part of tighter regulation of digital currencies. This is reported by the Chinese information platform Baijiahao.

Analysts believe that the illegal turnover of cryptocurrencies may become a threat to the yuan. The system to track transactions with digital assets will be developed based on artificial intelligence. The introduction of modern technology is necessary to identify people who send and receive cryptocurrencies.

Since September this year, China has banned financial transactions with digital currencies. Regulators are also paying increased attention to cryptocurrency exchanges that serve Chinese traders.

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